Charles Hoskinson: Fake Cardano Accounts Are Increasing “A Very Bullish Sign for ADA”

The 13th largest cryptocurrency by market cap of over $1 billion is currently trading at $0.0378 with 24 hours gains of nearly 7%.

Although up 11.65% YTD unlike the top cryptos like BTC, XRP, LTC, and EOS which are recording 2 to 4% losses on a year-to-date basis, ADA is still down 97% from its all-time high of $1.33.

But the price is not the bullish thing Cardano creator Charles Hoskinson is talking about. He pointed towards the “fake accounts of our ambassadors” and him that are starting to pick up again suggesting a renewed interest in the cryptocurrency.

“Our code quality is the best in the industry”

Cardano’s price is not the only in green. The coin’s “excellent” technology also has it ranking at second position with a “B-” rating, as per Weiss Cryptocurrency Ratings. Meanwhile, Bitcoin and Ethereum got a rating of “fair” and “good” respectively.

Source: Weiss Cryptocurrency Ratings

Just recently, Cardano’s development team delivered more than 2,600 commits per week, over 11,000 per month, and about 134,000 per year. Hoskinson on this development, who also co-created Ethereum responded,

“Our code quality is the best in the industry and includes heavy use of quickcheck, formal specifications and a dedicated QA department that has pretty exhaustive testing standards.”

These ratings are, however, subject to change as a cryptocurrency goes through changes. Cardano is also expected to hit milestones this year including the release of Shelley update on mainnet.

The much-anticipated update will make the Cardano network even more decentralized. Weiss has repeatedly said that they are expecting Cardano to give a strong competition to Ethereum and EOS and may even emerge as the winner. Already, the Shelley incentivized testnet is gaining much attention, InputOutput tweeted,

“We've seen another great week of growth for the Shelley ITN, our incentivized, decentralized Proof of Stake testnet. We're now seeing 920 active pools, over 12.6B ada staked and over 19k active users. Great foundations for Shelley on mainnet!.”

Cardano’s Long-term Plans

On the latest episode of The Cardano effect podcast, the CEO of IOHK also shared details about the launch of Shelley.

After detailing last week how Shelley is the product of two years of intensive research that will make everything that comes after it much easier, Hoskinson answered some questions this week including the transfer of ADA from the incentivized testnet (ITN) to the mainnet. Only rewards made from staking will be transferred to the Shelley mainnet, he said.

As for when the percentage of blocks produced by the Cardano will decrease, the d-parameter will be updated manually by IOHK, and “There is no reason to believe that the process will last more than two months,” he said.

Hoskinson also discussed hard fork; Cardano Improvement Proposals (CIPs) will make hard forks possible and will likely take a hybrid approach to them. Daedalus meanwhile was designed to be a multi-asset wallet as such its backend will be reparameterized to accept any cryptos.

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AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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